During his junior season at Centennial High School in Champaign, Rice led the Chargers to the 2009 3A IHSA Boys Basketball Championship with a 61-59 defeat over Oswego High School. During his senior season, Rice averaged 23.9 points, 6.4 rebounds, 2.9 steals and 1.8 assists and led his team back to the IHSA state tournament for a fourth-place finish. After his senior season in 2010, Rice came in second with 201 votes for Illinois Mr. Basketball behind Jereme Richmond. Ironically, Richmond committed to play at the University of Illinois while Rice was never offered a scholarship by then coach, Bruce Weber. Richmond only stayed at Illinois for one season, and Coach John Groce offered Rice a scholarship to transfer from Drake after his sophomore season. Rice was named a member of the 2010 Illinois All-American Team as selected by the Associated Press, Chicago Tribune, Chicago Sun-Times, News-Gazette, and the Illinois Basketball Coaches Association. He was also named the 2010 News-Gazette All-State Player of the Year, the first from Champaign–Urbana metropolitan area since 1984. Rice left Centennial High School as the all-time leading scorer in both school history and in Champaign-Urbana high school prep history with 1,810 career points.
College career
Freshman
During his first year at Drake, Rice made an immediate impact, playing in 31 games and averaging 13.8 ppg and shooting an average of just over 40% from the field. For his contributions to his team, Rice was voted to the 2011 Missouri Valley Conference All-Freshman Team & the All-Newcomers Team.
Sophomore
Rice improved his second year at Drake averaging 16.8 ppg and shooting about 44% from the field. Rice was named to the 2012 Second-Team Missouri Valley Conference following the season. After announcing his decision to transfer from Drake, Rice narrowed down his options between Illinois, Xavier, Memphis, and Marquette. Rice said of his decision to sign with Illinois, that John Groce had previously recruited him while Groce was still coach at Ohio University which contributed to his commitment. Due to NCAA transfer rules, Rice was forced to sit out during the 2012-2013 season. The transfer regulations relegated Rice to attend only practices as a participant and home games at the State Farm Center as an observer. Rice has gained much notoriety for his transfer year as he made drastic changes to his workouts & diet, which resulted in him losing 45 pounds and cutting his overall body fat to 5%.
In the early season games, Rice won the Las Vegas Tournament MVP. During the 2014 year Rice improved his shooting 44% from three point line, improving from 29% the previous season. Ray had a major impact on the Braggin Rights game where he hit a step back game winning jumper as time expired. He showed his athleticism when he threw down a massive alley-oop dunk vs Purdue. Despite missing some games in the middle of the season due to injury, and having a lower average of minutes per game, he improved his field goal percentage by 4%, his three-point percentage by 14%, as previously noted, raised his free throw to 80%, and averaged more rebounds, steals, assists, and points in his senior campaign compared to his junior year. He ranked 5th in the big ten in scoring, and 9th in rebounding. He won Co-Most Outstanding Player for the Illini tied with teammate Nnanna Egwu.
